Bitcoin Forum

Have a heart for the poor miners.

edit 20sat/b is way too low.

Transaction fees are getting bigger and bigger. I don't see where bitcoin fees are low.

proof?

Do you think 20sat/b is high???

BTC transaction fees are consider high personally to me as long as micro-payment is not possible.

These "poor" miners are getting BTC12.5 as the block reward right now. They don't need revenues from transactions. When the block reward becomes less than BTC1.00, we can consider rising the fee. Until then, we need to keep the fee low, so that more people will use Bitcoin rather than any of these altcoins.

Considered? You have a proof to your statement or not? Did you do a transaction and tried a low fee or are you just sig spamming and have no clue wtf are you talking about?

You sound like you are looking for a fight rather than having a fruitful discussion. I say this not only to just your reply to mine but the rest too. I can say the same for you too by the way, it's not like you are not putting on a signature.

But to entertain you.. try sending $2 across and receive it (hopefully there's still "it") in less than 5 mins. Have fun!

Bitcoin is not made to send money in 5 minutes. Don't you know about the 10 Minutes blocktime?

I think Miners now are thinking and caring about the bitcoin users that is transacting a low number of bitcoins, you know, the ones that complain about the transactions having a great miners fee. Users must be thankful the miner's agreed to this.

One cannot deny that the transaction fees have greatly reduced since yesterday and has reverted back to about $0.30 per each transaction and surprisingly it takes about 15 to 20 minutes for the transaction to be confirmed which was quicker than when we paid high fees in the past.

Transaction fees are too high。I think it no good for bitcoin.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

Bitcoin Transaction fee is low. I think that's natural. Because miners with small capital will lose with big capital. This is a pure Crypto system. Do not worry too much about the rich or poor miners. Because there is a price there is no way.

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

i think miner cannot take a low fee because every times that bitcoin rise the value rise so they are not lack of money but the fee become high for the transaction.

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Fck them, they have been exploiting loopholes in the mining scene for years now and profiting off every spam attack. I will

never pity their demise, even if they are crucial to the whole network. I am sooooo sick of them {some of them}.... throwing

their weigh around. We would have been to the Moon, if they were not this greedy.  >:(

Some says it is too high and some says it is too low. I am confused.

Miners signed up to be a miner so they have to take whatever amount of tx fee the sender want to add. That is just the way it is. And to think that miners can have block rewards, so these miners should be happy because they are receiving tx fees.


You can adjust the how much sat/b do you want to pay for the tx fee. So you can pay low or high fees.

If this is happenings now this is a very good news for all bitcoin user this can help us all before the transaction fee is too high that if you are holding only a small amount of bitcoins you just end of losing injust transaction fee

1.  Even with a basic transaction that has the median transaction size of 226 bytes, that costs about 20 cents.

2.  When using fiat, we tend to spend money from more than one payment to us at a time.  For example, an employee receiving a paycheck every two weeks goes through their bi-weekly paycheck into the next one regularly and would be spending a transaction with two inputs then.  A child receiving pocket money spends from several weeks of their pocket money at a time.  Similarly with Bitcoin, you spend larger transactions regularly if you actually use it in your everyday life.

3.  Bitcoin fees have been unpredictable for several months, and for several periods setting a fee that low wouldn't have got you any confirmations for weeks.  For most of my transactions in the last six months, my TREZOR has recommended spending a fee of larger than $1 to get my transactions confirmed within 5 hours, even when using transactions of the median transaction size.

4.  Most BTC transactions sent should be confirming in the next few blocks, otherwise BTC is only useful for sending large transactions between friends who trust each other not to double-spend or for significant international payments.  As an ordinary payment system, it would barely be useful at all.

5.
https://blockchain.info/charts/transaction-fees (https://blockchain.info/charts/transaction-fees)

I won't bet my house on it but you still won't receive it in 10 minutes. Anyway a quick glance over the BTC reddit, seems like the transaction fees are indeed greatly reduce for now and good for those who want to consolidate their dust BTC, provided you use a wallet that let you enter a custom amount.

Not sure if this will last though ..

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

The confirmation speed is increased, some times if you pay a normal fee you will receive your bitcoins within few hours. But sometimes it will take a long time it maybe 2 or 3 days. I tried with 20k - 60k. But really confused how the blockchain will work. I tried to withdraw my coins with paying 60k it took exactly 24 hours to deliver my bitcoins the exact reason I don't know.   

Miners should be focusing on mining subsidiary - a reward for mined blocks. Don't forget that this is the main source of income for them.
Transaction fees shouldn't be a primary concern for miners anyway.

Additionally, according to bitcoinfees.21.co:

"The fastest and cheapest transaction fee is currently 390 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 88,140 satoshis."

And now when transaction fees are fianally becoming reasonable the miners start complaining? The last 6 months the whole community has been paying way too much per transaction, I figure that would've been a very good time to be a miner. And on top of that why would that be their concern right now? They should focus on the blockrewards, they can worry about transaction fees later.

It's the wallet that sucks, not Bitcoin.

If it is "too low" (unprofitable) then it won't get done.
If it is "too high" then someone will do it for less.

Bitcoin is full of incentives and disincentives that keep the transaction price trending toward the lowest profitable value. Of course at any one moment it may be higher or lower than the optimal value.   

Thats right,in previous months transaction fees skyrocketed and some exchanges adjusted the fees too. Also, this is possible because bitcoin rise in value also. I think this segwit activation is good for us, but we hope they balanced the system between the users (us) and miners. We need miners too.

I don't know for what reason op stands blindly supporting miners for their fee.Every one very well know that bitcoin transaction fee is very high and uneconomical in terms of small transactions.Miners ether need a high transaction fee or thy just want to mine BCH which seems to be much profitable and easier to mine for them.Segwit has been activated and it would completely get locked in in november and after that,the transaction fee would start to decrease.But surprisingly,today,my transactions got confirmed within thirty minutes with very low transaction fee.

If you look at the map of bitcoin transactions, or unconfirmed transactions, you will see that most of the third world has avoided bitcoin. High transactions fees are certainly a barrier for most of the developing countries. We need bitcoin fees lower to encourage mass adoption.

I dont want to point fingers but.. it is a funny post or sarcastic?
fee's arent low but that is my opinion.
I would love to see them low AF once the segwit networks gets mainstream

yes this is the great thing bitcoin transaction fees is not too much then others this is the great opportunity to make transaction and save the fees which is very good thing.

I like this thread :D Once in a few days someone comes crying with a "fees are killing bitcoin" thread.
"listen up folks, switch to BCC because BTC is going to die soon. It's going to crash if fees keep rising! Sell now before it's too late!"  ::)
Nice job trolling them OP ;D

The recommended fee on that website is often very high. You can look at the information yourself and decide how quickly you need your transaction to be confirmed, then choose the fee.

My blockchain app had 20 sats for normal and 285 sats for priority yesterday. I used 30 as that would get me ahead of the big bar and my transaction was confirmed within an hour.

200 sats or more is way too much. I'd like to see sub 10, but I can live with sub 30.

Fees are supposed to be low. You do know that each block they mine is worth a lot of BTC dont you? and thats where most of their revenue comes from?

High fees are only good for alienating the community and potential new users.

Have you thought about how this will work in practice? How is the transition to fees going to work in that case? In your scenario, I think miners will simply shut down in increasing numbers as block reward dwindles (and particularly around reward halvings).

This is a threat to security in general, and if the hash rate drops are severe enough, it could lead to a situation where generations-old mining hardware could be used to attack the network and cause large block reorganizations.

Do you think -- under these circumstances -- that users are going to jump at the chance to pay higher fees? After decades of cheap transactions, they will suddenly want to pay, as the network is becoming increasingly unreliable? At that point, inflation beyond 21 million BTC may begin to look attractive, to ensure PoW security incentive...

You're welcome!  8)

Are you saying, that Bitcoin is working normally and will continue to do so? Phew...

What would YOU call 20sat/b? High or Low?

We are expecting Bitcoin to gradually improve and with another fork this November we should be seeing a better and more efficient Bitcoin by next year. This is what we are signing Bitcoin for and this is what Bitcoin should be known for...fast, effective, efficient and cheap. As to why it took the Bitcoin community years before finally arriving at SegWit, that is telling us that we are also humans here and hence can be victims of our own human nature. Hopefully, this would not be just temporary but must be truly permanent.

Yeah 20sats/b is very low but sad thing is when on this Earth I can experience again to have this amount of fee when sending some bitcoins. Way to go, I understand on what's the purpose of the title and supported by an edit 20sats/b  ;D keep on complaining with the fees. One day there will be a delightful day when everyone will be saying again the fees are very very low.

Yes you think maybe the low bitcoin cost is due to the small bitcoin fractional value, but if compared to the currency of each country the cost of bitcoin can look high, but I think the bitcoin cost is moderate, not expensive and also not cheap ,, Live we see from the perspective alone, that's it if I think

20 sats/byte is probably too low, but has it reached that stage yet? No.

I still have to pay close to 450 sats/byte on my transasction and it has only increased over the past few days, with no signs of slowing down honestly. IF the transaction fee was at 20 sats/byte and the block reward has halved then miners would probably be disincentivized, but right now miners are making bank off tx fees.

Not sure what you are trying to get at here, honestly.

The only reason it's low at the moment is that the difficulty reduction (caused in part by miners switching to BCH) is causing mining to happen at 7 blocks an hour. The extra blocks are enough to clear the mempool. When the difficulty goes back up again, the mempool and fees will rise again.

it seems like OP is mostly trolling. fees are not 20 and they are not 450 either. it is somewhere in between most of the time around 120 s/b to get a high priority (get a confirmation within next couple of blocks) and during the times when mempool goes towards the moon it becomes more expensive temporarily.
of course 20 s/B or even 1-2 s/B transactions can also be confirmed but you can't rely on that specially if you want to get the coins fast like when depositing to an exchange to make a trade, you can't wait half a day or longer!

Which wallet are you using man? A 20-30sat/b is getting confirmed within 10-15mins. Some wallets are purposely suggesting very high fees, I don't know why but they are. Better using a custom fee.

As for me,  low fees are one of the advantages of Bitcoin. If we take it, than the smaller number of people invests in Bitcoin. They will start investing in another cryptocurrency with better conditions.

Too much threads on the forum about high fees and now its low. How come? :D

If miners are poor then we are the poorest so yes miners should have a heart for us instead.

You can send any amount for a 20sat/b and it will get confirmed. If you pay more, it's not Bitcoins fault, but mostly the wrong wallet, that forces you to pay more.

There might be a little trolling and clickbait in my title, but I think it's the accurate answer to all the 'Fees are too high' shills.

Yeah like Im just confused with the low fee as now we are experiencing high fee.
Like what is all about? Actually we all want low fee like before but as the price is increasing the fee is also increasing and this is the reality. Oh I would love to see this but this will be all just a dream. Hope soon with the help of segwit the block will increase as the fee gets low.

A good website to see the price for transactions and what is happening in the mempool   https://jochen-hoenicke.de/queue/#24h

It shows how many unconfirmed transactions, the price people are paying in fee.

Right now it spiked, but over the last few days/week the price has been so cheap that fees of like 20 cents and 30 cents are going through.

Now is a good time to move some bitcoin around and or spend it!:)

It may be high or low. It depends on various factors: how much you need to spend, how many bytes the transaction is and how fast you wanna to get confirmations. If you large amounts of inputs, wanna make a micro-payment, well, that's definitely too high.

Fees are high for low value transactions and low for high value transactions. So it depends on how you see it.

what you all think about the fees nowadays?
Without all the spam the fee are really low but dont worry you can set the TX fee to 0.001 to feed all those POORS miners..  ::)

Who pays 20sat/byte? I've never paid less than 80 sat/byte so far within last 4 months. Sometimes I pad more than 200satoshi per byte? If you're a miner, you're a bad miner, if you're just messing around it, this is not cool.

Bitcoin obviously has high fee and low speed problems at the moment.

What do you mean 20 satoshi per byte? Are you paying that much for a transaction? At the moment BitcoinFees21 says that the cheapest and most fastest transaction can be achieved by paying at least 300 satoshi per byte. And you are paying 20 satoshi per byte? HOW!?

I had to pay 2 dollars for a 6 dollar transaction. I have no idea how much satoshi that is per byte, but it is at least above 500 satoshi per byte. And to be honest, I wouldn’t mind a transaction fee of 20 satoshi per byte. In fact I would dream of that. Such a rate consistently would be amazing and it will really help Bitcoin earn more reputation. Consistently is a key word. I paid in the morning a transaction with a  rate of 5 satoshi per byte, but I mostly pay rates of around 200 satoshi per byte.

https://www.blocktrail.com/BTC/tx/a187058b70fde11c2efcebe29e6e0f13d9f2bf049d76cb6d3cacfe80879a413f

Currently it can be as high as 0.0005 according to recommended values even for a ~260 bytes one input one output payment, it's not incredibly high but considering the high price for bitcoin this 0.0005 can easily equal a decent amount of $, and this is for a regular tx not one of those 1-2 KB tx's.

https://blockchain.info/de/unconfirmed-transactions
Fees are even lower now.

yes it is very good and easy for the bitcoin users that they will use the low fees such as one of my friend told me in the morning that the bitcoin is now charging very low fees it has reduced a lot and has become 0.005 with each single transaction and it does not take much time as in the past it was happening now the fees of the bitcoin has reduced and it made bitcoin go more higher than before.

Yes but some people said bitcoin fees is very low but some people are said that is good fees I think Bitcoin fees are too high and
 it's good job and very easy.

Right now, by seeing the price of Bitcoin we are paying 20sats or 50 sats are enough because the price per satoshis is high so, we don't have to pay higher fee? what do you say?
when the block reward will drop to 1BTC or 2BTC then they should increase the fees.

Here's the proof dude:https://s26.postimg.org/4hjfnhmqh/Screenshot_126.png

The fees are too high.Do you imagine 10-15$ per transaction buddy?
The miners doesn't need fees anyways,the block reward is already decent.

Hopefully that now when SegWit take fully effect,transaction fees get snowballed soon.Just to say that 20 sat/byte is not the fees you think we spend at the moment.

If people start utilizing Segwit, then theoretically the fees should be going down, but we still don't know its actual effect yet. If we look at Litecoin, which has Segwit activated for three months now, it's obviously clear that people for a major part are still transacting in a non Segwit manner. People themselves need to make the shift, and as long as that isn't happening, Segwit won't have much of an impact. That being said, even with Segwit activated and being fully utilized by people, if a spammer thinks it can justify throwing loads of money on the table to choke the network with rubbish transactions, we'll still be dealing with full blocks - the only difference is that with Segwit fully utilized it will cost whatever entity more to reach the same effect. If we look at the malicious entities behind Bitcoin Cash, and then mainly their wealth, they could easily do so.

This is a Xapo issue and not Bitcoin, therefore absolute rubbish. If Xapo decides to rip off their customers it is not Bitcoins fault.

Check my test transaction yesterday with 2.5 sat/b, which got confirmed in 20 minutes.

https://blockchain.info/tx/3f7832c09687497feef130c6a271c8dda9b5e74d5c8f558ad07428c98273dac7

Unbelievable. Bitcoin was supposed to me a more affordable option when compared to Visa, PayPal and Western Union. Now Bitcoin is charging as much as 30 times the standard fees of PayPal. I don't know whether this can go on forever or not.